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Author: Blaze Medrano

It is quite understandable for any person to seek ways to generate income that makes him or her fully independent. Thus, investing is an important activity. It does not matter whether you are new or you have some experience in this field. There is a need to always learn more and try to achieve more. Here is a website dedicated to help you get on the right path. 7th Generation Advisors is a dynamic and finance blog that renders itself as a priceless source of vital information and news for any person who is involved in investing and trading. You will find a lot of information grouped into various categories such as loans, trading, tips, budget, and much more. Whatever you read in this blog is something you can put into use. It should be your daily reading if you want to succeed in the finance field.

Debunking the Myths: How Debt Consolidation Truly Affects Your Credit Score

26/11/2023 Blaze Medrano 0 Comments 3 tags

Debt consolidation is often seen as a viable solution for managing multiple debts and reducing financial stress. However, there are several myths surrounding how debt consolidation affects one’s credit score. In this article, we will explore and debunk four common misconceptions, shedding light on the true impact of debt consolidation on your credit score. Understanding these factors will help you make informed decisions about debt management and empower you to improve your financial health.

Credit Score Inquiry

One myth about debt consolidation is that applying for a consolidation loan or seeking assistance from a debt consolidation program will significantly harm your credit score. While it is true that whenever you apply for new credit, a hard inquiry is made on your credit report, the impact is generally minimal. In most cases, a single hard inquiry has a temporary and small effect on your credit score, typically lasting only a few months.

Payment History

Another common misconception is that debt consolidation negatively affects your payment history, which accounts for a significant portion of your credit score. Debt consolidation should not have a negative impact on making timely payments toward your consolidated debt. In fact, it may simplify repayment by consolidating multiple due dates into a single payment, increasing the likelihood of on-time payments. Consistently paying your consolidated debt on time will help build a positive payment history, which contributes to an improved credit score over time.

Debt Utilization Ratio

Some believe that debt consolidation can increase your debt utilization ratio, negatively impacting your credit score. However, debt consolidation can improve your debt utilization ratio. By consolidating high-interest credit card debt into lower-interest loans, you can reduce the overall amount of your outstanding debt while keeping your available credit intact.

Long-Term Impact

Another myth suggests that debt consolidation has a long-term negative impact on your credit score. In reality, how debt consolidation affects your credit score depends on your ability to manage your debt responsibly and make timely payments. Consolidating your debts can provide an opportunity to restructure your finances and create a more manageable repayment plan. When you consistently make payments on time and reduce your overall debt, your credit score can gradually improve.

Debt consolidation is often misunderstood when it comes to its impact on credit scores. By debunking these common myths, we can gain a clearer understanding of how debt consolidation truly affects our credit score. Applying for a consolidation loan or participating in a debt consolidation program may result in a temporary and minimal impact on your credit score.…

06/12/2022 Blaze Medrano 0 Comments 3 tags

Regarding your finances, it’s important to ensure that you work with the right professionals. Hiring a financial advisor can be a great way to get help managing your money and planning for your future. However, not all advisors are created equal. Doing your research before hiring one is crucial to ensure you get the best possible advice. This blog post will discuss six questions you need to ask before hiring a financial advisor.

What Services Does the Advisor Offer?

When looking for a financial advisor, the first question is about their services. Do they provide comprehensive planning and advice, or only specialize in certain areas such as investments or retirement planning? Before reaching out to an advisor, you know what services are available.

What Is the Advisor’s Level of Experience?

When selecting a financial advisor, it’s important to look for someone with experience and expertise in the areas you need help with. Check their background and ask for references so you can feel confident they are qualified to handle your finances.

How Does the Advisor Get Paid?

It will help if you also understand how the advisor gets paid so you can understand their motivations. A few different ways advisors get compensated are through commissions or fees based on assets under management. Additionally, it’s important to know what structure they use.

What Are the Advisor’s Credentials?

Different credentials denote different levels of expertise and education. Look for financial advisors with at least one designation from a recognized professional body, such as the Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).

What Are the Advisor’s Investment Strategies?

Before committing to an advisor, it’s important to understand their investment strategies and philosophies. Ask questions about how they develop portfolios and their recommended investments. Make sure it aligns with your own goals and risk tolerance.

Are There Any Restrictions on Your Relationship?

Lastly, knowing what’s expected of you, such as minimum account balances or other restrictions. Inquire if there are any limitations on your relationship with the advisor and their expectations for ongoing communication.

Conclusion

Reports show that the percentage of people with a financial advisor is at an all-time low. By taking the time to find a qualified financial advisor who meets your needs, you can feel confident that you’re making the best decisions possible when it comes to your finances. Researching and asking questions will help you make an informed decision when selecting a financial advisor.…

31/10/2022 Blaze Medrano 0 Comments 4 tags

There are many reasons why you should refinance your mortgage. Maybe interest rates have gone down, and you want to take advantage of the lower rate. Or perhaps you need to switch from a variable-rate mortgage to a fixed-rate mortgage to stabilize your monthly payments. Whatever the reason, once you decide to refinance your mortgage, you’ll see some refinancing options available. Now you may be wondering which refinancing option works for you. Well, keep reading. We’ll explore the different types of refinancing and help you determine which option is best for you.

Cash-In Refinance

With a cash-in refinance, you’ll refinance your mortgage for higher than what you currently owe. You’ll get the difference in cash. You can use this cash to make home improvements or pay off other debts, such as a car loan. A cash-in refinance will usually have a lower interest rate than a home equity loan or line of credit. But keep in mind that if you have a low credit score, this refinance may not be an option for you.

Rate and Term Refinance

The next type of mortgage refinance option you have is a rate and term refinance. As the name suggests, with this refinance, you’ll just get a new loan with a lower interest rate. The terms of your loan, such as the length of the loan, will stay the same. This is different from a cash-out refinance, where you get a lower interest rate and take some of the equity out of your home in cash. A rate and term refinance is a good option if you want to lower your monthly payments or reduce expenses on interest over your loan life.

VA Streamline Refinance

Did you know that as a veteran, you may be eligible for a VA streamline refinance? Also called an IRRL or Interest Rate Reduction Loan, a VA streamlined refinance gives you a lower interest rate with little or no documentation. If you currently have a VA loan and your interest rate is higher than the current market rate, then a VA streamline refinance may be a good option.

Short Refinance

Some homeowners are upside down on their mortgages, which means they owe more than the value of their homes. If you’re in this situation, you can do a short refinance. With a short refinance, your lender agrees to forgive some of the debt you owe. In exchange, you’ll get a new loan with more favorable terms, such as a lower interest rate or a longer repayment period.

Remember that a short refinance will usually require you to have good credit and enough equity in your home. Now that you know about the different mortgage refinancing options available, it’s time to decide which one is best for you. When refinancing, consider several factors, including your current financial situation, your goals for refinancing, and the current loan type. Be sure to compare different offers from different lenders before making a decision.…

03/08/2021 Blaze Medrano 0 Comments 3 tags

It can be challenging to understand the tax obligations of a small business owner and to make sure you file all required documents on time. While this may seem like an extra expense for your business, it will pay off in the end.

Understand Tax Law

The complexity of tax law is because there can be many rules for different tax authorities. Your accountant will keep track of changes and make recommendations tailored to your situation. Small businesses hire accountants or outsource their bookkeeping during tax season because accountants can save you money. It takes experience and time to understand the tax system.

Good Bookkeeping

Many small businesses don’t think about bookkeeping until tax season. While you may keep all receipts and transaction records safe, there are more important tasks to do. This will allow you to focus on critical things, such as reconciling accounts, collecting receipts, and other aspects of bookkeeping. If everyone works for themselves and not all employees are dedicated to bookkeeping, it can be challenging to find time for bookkeeping in a small business. Now that some bookkeeping work is already pending for tax season, you have the opportunity to start your business up for future success by investing in accountants who can help you grow your business.

Additional Business Plan Support

Your accountant can help you develop a business plan when you’re just starting. Your business plan can include details such as who your competitors are, your target market, how you plan to market and if you need to get a financial aid. However, if you don’t know how much you expect to earn over the next five years, your accountant can help you. They have a lot of experience working with similar businesses and can help you make informed decisions when creating your financial plan and setting realistic profit and cash flow targets.

Perform Finance-Related Tasks

You have a lot of other things to do to develop your business. It’s hard to find time to track down clients who haven’t paid you. You can hire an accountant to provide you with certain services each month. An accountant can help you manage your payroll, pay your bills, and prepare sales reports and forecasts.

Conclusion

You can lose control of your finances if you don’t keep an eye on them. An accountant can help you identify unnecessary expenses, such as cell phone bills. They can also help you understand where your money is going and how it can grow. An accountant can make financial projections to see if you have funds to pay for an office expansion or additional staff. Your accountant can help you decide if a loan is a good idea for your business.…

14/04/2020 Blaze Medrano 0 Comments 0 tags

Getting a loan for the first time can be frustrating. This is because most lenders operate on behavioral scoring loan appraisal system that studies your history and peg your loan limit to your credit score. This form of underwriting is important as it curbs loss of revenue due to credit risks. This explains why most financial institutions would be shy from being your first lender. They don’t have any of your credit history. Does this mean that you will not get any loan if you have no credit history? No, you simply need to learn how to avail of no credit history loans.

1. Request a friend or family member to list you on their credit card as an authorized user

This process is easy as it doesn’t approval from the credit card company. The primary credit card holder simply adds your name to his credit account as an authorized user. As a result, you will be issued with a credit card with your name embedded on it. This way positive credit reports will be submitted to the credit reference bureau every time you use the card. This will boost your credit limit and give you access to loan facilities.

2. Ask a friend or family to co-sign

This is one of the best ways of how to avail of no credit history loans. Simply request someone who has good credit ratings to co-sign for a loan in order to boost your chances of qualifying. Getting this person will not be easy because the loan will bind him legally. This means that, if you happen to fail to pay your loan installments his credit line gets smudged. Therefore, the person must be able to trust you enough to co-sign a loan with you.

3. Apply for a credit card

In this case, you will make an application to the credit card issuer. You will be required to bank a security deposit that will match your credit limit. In most cases the deposit could average $300 to $500. This deposit will act as security against your credit card line. This way, you will be able to build your credit history as you use the credit card.This will open doors for you to access loans with high credit limits.

In summary, you do not have to worry on how to avail of no credit history loans anymore. We have noted that many lenders avoid issuing loans to first timers. Therefore, it is important that you use any of the above-suggested methods to boost your credit history. Little by little your credit score will grow, and you will be able to access loans with a high credit limit.

You can also consider payday loans and get a loan with no credit history.…

25/04/2019 Blaze Medrano 0 Comments 2 tags

Loans have saved the lives of many who have found themselves in different emergencies or other tricky situations that require some financial aid. You might be caught up in some of these situations when you have little or no money. An example might be when you are cornered by bills that have passed their deadline date. You should not worry because several lenders can sort you out. Banks are the most popular lenders you will come across.

We have also seen the emergence of different lenders who offer. You can try all these options to save yourself from the financial difficulty you are going through. When it comes to borrowing, you will be required to pay back the sum with some amount of interest after some period. Failure to comply will get you blacklisted by the relevant bodies.

There are credit bureaus that usually monitor the repayment habits of different people. Those who make late repayment or nothing at all usually get blacklisted, and they cannot access any loan till they are cleared. Make sure you repay your loans early to stay free from all this. Online payday loans have turned out to be the best option for many over the recent years. Here is why you should try them.

Quick Deposits

The money will be deposited faster to your account when you borrow an online payday loan. This is a bit different from other traditional lending procedures where you have to wait for some time. What you have to do is apply for your loan and wait for a few minutes or at most one hour to get the amount deposited to your account.

Bad Credit Doesn’t Matter

You don’t have to worry about getting a payday loan because you have bad credit. This is something many don’t look into as they will require other information to confirm whether you are eligible for a loan. Most lenders will ask for your employment details and additional personal information which you have. Such cannot bar you from accessing this loan if you have a poor credit score.

Convenience

You get to enjoy some high level of convenience with online payday loans. This is because borrowing is done online unlike using conventional methods where you have to walk to the bank or other lenders to acquire your loan. You can request for a loan from the comfort of your home and have it deposited to your account. How about you try this type of loan.…

Guide to Singapore Company Registration

19/02/2019 Blaze Medrano 0 Comments 0 tags

In the recent past, Singapore has been marketing herself as a critical investment destination in Asia. Part of that marketing drive was to showcase the ease with which a person can register a company or business. In this regard, we have developed a guide to help people or companies that want to register in Singapore.

The most common way to register a company in Singapore is by using a private limited liability company. There are several advantages to registering a private limited liability company. First, it becomes a separate legal entity, and the owners/shareholders are protected from debts that the company may incur to the extent of the amount they contributed as capital. For ease of reference, the rules that were used to formulate the guide to Singapore company registration are contained in the Singapore Companies Act.

Prerequisites for Registering a Business

In Singapore, the following information should be provided when registering a business:

Name of the company should be approved before the registration process starts.
The list of directors and shareholders. One of the directors must at least be a resident in Singapore. One being a citizen determines residency, some with who is employed in Singapore meaning that he/she has a valid pass for employment and a is a permanent resident. The director should also be above eighteen years with a clean and proven criminal record.
Directors need not be shareholders. If you are incorporating a private limited company, the shareholders can be one or fifty.
Company secretary. Once incorporated, Section 171 of the Singapore Companies Act requires that a company secretary is appointed. The company secretary must be a person who lives in Singapore.
Capital. The paid-up capital of the entity should be more than S$1. Paid-up capital can either be the preference, ordinary or any other class of shares.
Registered address. All the businesses should have a local address. This can be commercial or residential. Strictly no post office boxes as registered addresses.

Process of Registering a Business

Reservation of the Company’s Name

The company name should be approved before registration formally starts. The whole process is typically overseen by the company registrar who will notify you of the decision immediately. Your name should be unique and not rude or obscene. Names are generally reserved for sixty days and an additional sixty days upon applying for an extension.

Registering the Company

Once the registrar has approved the name of the company, the process of incorporation starts immediately. In case of the process delays, the company registrar will be doing a background check on areas that he feels could have gaps. For registration, S$300 is paid upfront.

Finally, once the company is registered, the company registrar will issue you with the certificate of incorporation and a company business profile. The business profile will have the name and registration number of the company, date of incorporation, principal activities, and the registered office, details of the company secretary, directors, and shareholders.…

26/12/2018 Blaze Medrano 0 Comments 5 tags

For most company owners, being on the verge of bankruptcy has been a common experience. Even if they never experience the case, bankruptcy is still one of the economic threats that the company tries to prevent and avoid on a monthly basis. Thus, the practice of applying for financial aid has also been prevalent, especially for companies with decreasing profits. Fortunately, several options are available to help those business practitioners save the business, with guaranteed loans being one of the most practical ways to solve the issue. However, finding the one that suits the needs of the business might be a daunting task if one does not possess adequate knowledge about the matter.

Remember that the way how one handles the aid is vital as it relates to how they measure the assets and comprehend all the risks. In this case, the ability of repayment is indeed the most crucial aspect of the whole affair. For that reason, in-depth inquiries are vital in coming up with the best plan to get the immediate funding for the company. The inquiries are especially useful in understanding the terms and conditions, and also the additional charges that the borrower needs to pay.

Basic Reasons

One fundamental consideration before one decides to get the funding relates to the underlying reasons behind the loan proposal. One vital thing to note is that different companies with different expertise often face different financial situations, and it is not wise to base the loan proposal on what other companies have been experiencing. Some companies may survive during crises, but some other may end up with bankruptcy. Thus, customized and thorough analyses from the experts are the key to an effective problem-solving.

What Type of Loans Should One Get?

Those with the intention of joining the business need to have sufficient knowledge when it comes to loans and another type of financial aid. There are at least two types of loans, and comprehending the nature of each is highly advisable before using the services. The first type is secured loans. This category has been more popular as many people with assets tend to rely on this service to get the funding. Applying for this type of loan includes pledging some assets that the borrower possesses as collateral. Although the service does not have the assurance of 100% approval, many people are still dependent on this category.

The second type is unsecured loans. Different from the first category, this category does not require the borrower to pledge their assets as collateral. Instead, the agency often charges the borrowers with higher interest rates to cover the absence of collateral. Although the loans imply greater risks in the future, people with no physical assets find it easier to apply for this loan.…

21/12/2018 Blaze Medrano 0 Comments 2 tags

Your health is one of your most significant investments. As such, besides taking all the necessary precautionary measures to protect you from falling sick, you also need to be prepared for the worst. A health insurance policy plays a critical role in providing you with a softer landing if you fall sick.

Have you ever thought about getting members own health fund? These are essentially insurance policies that are run to benefit the members. Unlike health insurance plans offered by insurance companies, members own funds are not run for a profit. This implies that members stand to gain a lot more, and here are some reasons most people are turning to these health funds.

Excellent Customer Services

Members own health funds are known for quality customer service. This is made possible by the fact that they are solely meant to address the interest of the members. Thus, unlike traditional health insurance plans, you can always be sure of getting timely and professional customer service. Things like unexplained wait times and other bureaucratic procedures are unheard here.

More Cover in Private Hospitals

What a standard insurance policy covers solely depends on the plan you choose. However, there is always an element of whether or not you have an agreement with your private hospital. Private hospital agreements are essential. Thus, one good thing about members own funds, besides their relatively small size, is that their members have more options to go for as far as private hospitals are concerned.

More Benefits for Members

Members own funds are run with the sole objective of protecting the health of their members, and not for profit. Thus, you can be sure that these institutions are in business to help you. This allows them to provide better services, products, and value for money.

Secure

Most people look at the size of an insurance firm when analyzing the security of the firm. However, this does not mean that small-sized members own funds will be unable to satisfy your medical needs. What you need to know is that any health funds are run based on strict rules set up by the government. With more people realizing these funds are in safe hands, and the fact that they offer generous benefits has seen the market share for members own health funds increase significantly during the last decade.

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15/05/2018 Blaze Medrano 0 Comments 2 tags

Working capital can be the amount of money available for the daily operations of a particular enterprise. It can also be described as the available non-tangible assets estimated by subtracting the prevailing liabilities from the present assets. The trends in a working capital do change on a regular basis and can at times be relevant to circulating capital.

There are various type of working capital which include the fluctuating working capital, fixed working capital and net or gross working capital. The fixed working capital is the least amount a particular business or enterprise must always have for investment. Gross or net working capital is the complete available assets while the contrast between the available assets over liabilities is referred to as net working capital.

The variable or fluctuating working capital may see the needs of a specific enterprise increase or decrease at different occasions. The principal obligations of working capital oversight are to ensure a smooth running of any business by maintaining an easy functional phase. It also helps in reducing capital costs.

This is the amount which is usually used in managing the working finance. Working capital management is also essential when it comes to increasing the return on investments of the available assets. Managing working capital in the right manner should be one of your first concerns. This will help boost profits in your business and make financial operations seem much easier. The following are ways you can manage your working capital efficiently.

Inventory Management

Managing your inventories is one way you can make good use of your working capital. Too much stock and low stock at the same time can bring a heavy burden and losses respectively. It is important to monitor your stocks and sales respectively when managing your inventories. Doing so is one better way of managing your finances.

Timely Payments

Paying your vendors or suppliers on time is another important tip for working capital management. Outstanding debts or payments are one reason most businesses lag behind. Timely payments will also help create a good relationship with vendors which is healthy for your business. You will be able to account for everything when you make timely payments.

Wise Decisions

Making wise financial decisions is also key to proper working capital management. Come up with the right investment decisions that will help improve functional performance of your business. You can seek the services of an advisor who will help you come up with the right choices for your business.…

15/05/2018 Blaze Medrano 0 Comments 2 tags

Recent technological advancements in mobile banking have been advantageous in many ways with some of the key ones including proper security, ease of access and rapidly increasing customer usage. Mobile banking is way too personalized because you have the control of your phone which you use daily and are deeply familiar with. It’s a recent and incredible phenomenon that brings out the ease of issue and error control via smartphones which are very familiar to the owners. Basically to newbies, with mobile banking you can do more than check balance or monitor your finances. The good thing about this phenomenon and the apps that facilitate it is that the apps keep on being updated and so clients are sure to access the latest technologies and amendments put in place.

Many experts have put across that mobile banking offers many benefits worth using and it’s a technology that keeps updating as days goes by. Here are some of the key reasons that would probably prompt you to use this technology.

Various Ways to Access Unlimited Number of Accounts

Banks let you download their user-friendly apps through the phone via text, the web, or downloading the applications. Accessing the apps via text is more suitable for newbies because they are alerted via text, a medium they initially were familiar with, in case of any issue that requires notification. Those who have more advanced knowledge can directly download the apps and utilize them efficiently.

Good Security

Mobile banking is simply safer than any other channels, even more, safer than internet banking. You should be worried of security breaches either with the possession of your phone or not. All data is guarded with strong passwords and most other identification checks. Your phone can also be disabled remotely in case of a security breach.

No Fees

Mobile banking services are usually free. One is not supposed to pay for the app downloads. This is one of the remarkable merits of using mobile apps for banking. They don’t dig into your pockets.

Ramping up Quickly in Mobile Banking

Mobile banking began in 2007 with small banks as prototypes, but now no bank is succeeding without these services. Nowadays these apps offer robust features that can save a lot of time accessing physically, not forgetting the extra add-ons and other saving engines that aid in regulating your general expenditure and enhance the ease of use.

Easy Access

You can access money at any moment and anywhere, and this makes mobile banking appealing. Checking notifications like deposits, cash usage and monitoring your transactions is guaranteed to be straightforward.…